Peer to peer money exchange site, Revolution Money Exchange launched nearly four months ago. At the time, chairman Ted Leonsis said, "We want to become for social networks what PayPal is for EBay." Former AOL chairman Steve Case is behind Revolution Money and hopes that merchants use it to circumvent the traditional fees of 1.9 percent that credit card networks charge.Revolution Money Exchange is aggressively courting new members with a $25 sign-up bonus. They advertise that it takes 24 hours for the $25 to be credited to your account but it took me less than a minute to sign up and a minute later the bonus was immediately available in my account.
Revolution Money doesn't charge many fees. It's free to register, add money, send money, receive money, request money and withdraw electronically to a bank account. There are fees to withdraw money by check or to receive a paper statement.
I'm sold. I'll be using Revolution Money Exchange instead of PayPal. Even if you don't use PayPal it's worth a couple minutes for the sign-up bonus.
Of course, if you haven't signed up for Prosper or Lending Club yet you can also get a $25 referral bonus there too. Some quick math - If you signed up for all three of these services and then referred your spouse you would make a quick $160. Of the three, only Prosper requires that you actually use their service by lending at least $50 to a borrower.
Update (3/26): Revolution Money Exchange has made it easier to get the $25 bonus. Here's the link. After you sign up you can refer others and receive a $10 referral bonus.
Update (2/25): Why does Revolution Money require my social security number?
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17 comments:
It is no where near as good as paypal. I will pay fees all day as long as I know that as a seller or buyer I am protected. Paypal has a dispute center. However on Revolution Money Exchange if you get burned by a seller you aren't protected and sometimes can be out alot of money and never obtain goods for money sent
Anon, did you get burned by a seller on RM? Do you know someone who did? Where are you drawing your conclusions from?
"Consumers can set up a free Revolution MoneyExchange account in just minutes by registering at www.revolutionmoneyexchange.com, and start transferring money to friends, family, or merchants."
This is not true. I've been trying to get an account set up since Mar 1, 2008 and can get nothing but the run around. No replies to my e-mails. They have all of my information and I even supplied them with more information than the basic info requested. STILL I can not access my account. Site seems rather glitchy. Or is it a scam? I don't know since I can't get past step 1!
The Paypal dispute center is not worry free. As long as a seller shows proof of shipping via tracking# they can ship you a box of garbage. Paypal has slowly been cranking up the fees for doing nothing and ebay sellers have been adding "handling" charges to cover. Its time for an alternative because Paypal got too greedy.
the first poster is exactly right. paypal offers to back up its money service by resolving disputes that involved items not received. RME doenst have any such service. they dont back up any sales. they are totally just a free money service. no support. great service for sellers not wanting to pay fees. TERRIBLE FOR SELLERS WHO CAN IN NO WAY GET THEIR MONEY BACK IF THE SELLER IN QUESTION NEVER SENDS WHAT THE RME FUNDS PAID FOR IN THE FIRST PLACE. and yes, i had it happen to me. paid for some baby items on a mommy auction site through RME. they never came. i am out the RME funds. luckily, they were just part of the free sign up bonus anyway. I WILL NEVER USE IT AGAIN. it is worthless.
I'm sorry but paypal does NOT have a good system. I have lost disputes left and right over little things... or just because they didn't even DO anything with my dispute at all. It's INSANELY reduculous, there is NO real protection. You WILL learn that the hard way!
It is time that ebayers (and other auction sites because ebay is so rediculous as well) learn to start putting stake in a seller's repulation. If sellers had reprocussions for bad dealings than they would be more apt to play fairly. As it goes on ebay you can rip people off as much as you want and people will continue to buy from you because they have this notion that paypal will help them. It's not true. Start reading more fine print.
Do your research and know who you are trusting your money with. It isn't rme's responsibility.
Thanks for posting this great enrollment bonus promotion by the new Revolution Money Exchange. It's pretty incredible that they're offering not only a generous $25 when you register but also pay $10 per referred member. The free RME program seems excellent and might have a chance at competing with the free PayPal program for the market share. Great offer and I'm enjoying your blog - I'll definitely bookmark your site. Take care and best wishes. - Arthur
Look, if you bimbos think that Paypal has a better system, then quit being an Ostrich and get your head out of your ***. You have no clue how bad Paypal really is. I was actually the victim of fraud due to Paypal's negligence. It took months to get my money back. Paypal refused to do anything until a lawsuit was threatened. Paypal + eBay = Con Game. People rip others off all the time and the problem with the Paypal guarantee to protect you is that it really doesn't! If your seller provides proof of shipping, a tracking number, and an invoice, then you LOSE automatically. Paypal rules in their favor. And if you're ever a victim of fraud on the Paypal system, you're screwed.
That is not true about paypal not doing anything. I had a dispute with a seller they did not send me the product I ordered and after several emails they did not reply. I made a paypal dispute and the seller replied with a phoney del. confiration number. I never got the product, but I did get a refund through paypal.
I have logged 8 years working with Paypal as a buyer and seller.
Two issues as a buyer, two as a seller.
I follow Paypal's rules to the letter and every thing has been resolved to my satisfaction.
If you have trouble with Paypal it is because you haven't read the rules, you don't understand the rules or you don't care about the rules.
Be careful about signing up for financial services before they are tested.
I recently signed up for Google Checkout AFTER they worked out their problems not while they were working out their problems.
Take your time and be careful who you share your information with.
"I recently signed up for Google Checkout AFTER they worked out their problems not while they were working out their problems."
What problems did Google Checkout have? I've been using that since the start with no problems.
Paypal is HORRIBLE I have been using them only because I have no other alternative. I BOUGHT A FAKE COACH PURSE WITH NOT KNOWING IT AND WHEN IT
ARRIVE IT HAD GUM ALL INSIDE THE LINING AND INCH LONG INK MARK ON THE BACK OF THE PURSE.I TRIED WORKING IT OUT W/THE SELLER & HE DENIED EVERYTHING. HAD TO WAIT OVER 30 DAYS
AFTER FILING A DISPUTE TO FIND THEM IN FAVOR FOR THE SELLER.! NOW I AM TRYING TO FIGURE OUT HOW THAT COULD BE.? AS I HAD TAKEN PICS REPORTED SAME DAY OF DELIVERY FROM SELLER & NO BODY FROM PAYPAL EVER EVER CONTACTED ME..SO I CALLED PAYPAL & GOT THE RUN AROUND & EMAILED THEM ON MY CONCERN STATING THAT I WANST EVEN ABLE TO DEFEND MY CLAIM. THEY DIDNT GIVE A CRAP & SAID THE CLAIM IS NOW CLOSED AND ONCE A FINAL DECISION HAS BEEN MADE THERE IS NO APPEAL PROCESS. IM OUT HUNDREDS OF DOLLARS & THE SCAMMING SELLER GETS TO SCAM MORE PEOPLE ?? mmMMM SOMEHOW THIS JUST DOESNT SEEM FAIR AT ALL.. " TO BE HONEST THERE REALLY ISNT NO SAFE GUARD AGAINST BUYERS AND SELLERS ~~PEOPLE ARE GOING TO EITHER HONEST OR DECIEVED.
ANOTHER TIME I WAS SCAMMED FOR PERFUME..IT ARRIVED BUSTED AND TRIED TO GET MY $$$ BACK & SELLER JUST STOPPED SELLING & PAYPAL OPENED THE CLAIM & TOLD ME THERE NO LONGER A REGISTERED USER..HA HA HA
SHAME ON ME..SO AGAIN $50 OUT THE DOOR TO ANOTHER SCAMMER. & NO PAYPAL TO SAVE THE DAY. I AM WILLING TO TRY SOMETHING NEW BUT WILL RESEARCH THIS A BIT BEFORE LEAPING..WHY ?? BECAUSE IM TRYING TO FIGURE OUT HOW RMA MAKES ANY $$$ ON THERE END IF NO FEES ????..SOUNDS TOO GOOD TO BE TRUE..;)~ EITHER WAY I JUST WANTED TO LET EVERYONE KNOW EVENTUALLY SOMEONE WILL SCAM U SOME HOW..
Yikes. I'm really sorry you had to go through all that.
I bought an ebay item and used paypal. The guy never shipped it and barely answered emails. Paypal refunded my money. After ebay bought them, my friend sent a woman a large, heavy kid's toy she won on ebay from him.
Fedex got it there a day late for the birthday, so she no longer wanted it, which was fine. She first emailed saying it arrived fine but late, then changed her story to say only half of it arrived, then changed her story again, etc. Paypal refunded her money but were doing nothing about the obvious fraud in her emails. She refused to let a Fedex guy inspect it when he, on his own time, went to her house since he thought she was pulling a scam.
Fedex refunded my friend's shipping charges, the estimated cost of the item, they shipped the box and contents she claimed my friend shipped (an old tarp and a big rock) back to him just so he could have a good laugh at it, and they banned her for life. So, boo paypal, yay Fedex.
I've been to the land of PayPal disputes more than once and, following PayPal's rules and regs to the letter, did as I was instructed to do and they basically called me a moron and an idiot and some other nice things. Add to that, me telling them,'hey there are con artists out there perpetuating your company likeness not to mention phishing' and they reprimanded me for falling for it. Luckily I didn't lose any money but I loved that the entire thing was my fault, that they called me all kinds of names and told me none of it was their fault and that I should be thankful I didn't lose any money. OK, so could we tackle that 'how the hell do I trust PayPal again?' I shut down my account entirely and started from scratch, all new info, excepting of course for my name & whatever. We'll see this goes with RME but nothing is 100%, fail-safe and whatnot. Sad but true.
I don't think RM is designed to be a substitute for Paypal. Rather, it hopes to fill the gap in the money exchange between friends and acquaintances. You didn't enough cash for coffee or the movie or dinner or whatever, you then send whoever you owe the 10 bucks via RM -- free. For that, it's excellent.
I'll top a few posters by pointing out how horrible the PayPal system is: Two $40 fraudulant charges were made to my PayPal account via card number. I reported the card stolen, but they still charged my underfunded bank account. As a result, both accounts ended up in the negative and PayPal never followed up on my report. Now I'm being forced to bailout my bank account over $100, while PayPal has already put the other account into collections.
Now RME on the otherhand has never given me any problems, even though that card was lost too. They've never stolen from my bank account or allowed anything I haven't authorized. I think it is clear which of the two I'm sticking with.
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